Dutch OTEC developer Bluerise has concluded its crowdfunding campaign, having raised more than double the amount of the original target.
The crowdfunding campaign, closed on November 18, 2017, brought in €657,000 to Bluerise from 518 investors during a period of one month.
The initial goal of €250,000 was beaten just days after the launch of the campaign, prompting Bluerise to open the campaign to overfunding.
The proceedings will be used for two ocean thermal energy conversion (OTEC) projects Bluerise is developing in the Caribbean islands of Jamaica and Curaçao.
“It will enable us to further grow our team and speed up the preparations for the first two projects in the Caribbean. This will increase the value of Bluerise’s share in these projects and increase the value of your investment,” the company said.
OTEC is a form of clean technology that extracts energy from the temperature difference between warm surface ocean water and cold deep seawater, suitable for development in the equatorial waters.
The first project is expected to be operational by 2019, the company said earlier.